In the past, the Belgian Ruling Commission has been reluctant to confirm that the favourable tax treatment of life assurance contracts where the benefit is linked to the evolution of the value of one or more investment funds, the so-called branch 23 contracts, also applies to contracts linked to internal dedicated funds. In two recent rulings, we obtained confirmation from the Ruling Commission that art. 19, § 1, 3°, b, ITC 1992 is indeed applicable to branch 23 unit-linked life assurance contracts with assets held in an internal dedicated fund, insofar these contracts offer no guarantee whatsoever when it comes to the return or profitability.  The Ruling Commission has outlined the conditions under which this type of unit-linked life assurance contract is completely exempt from income tax, even if benefits are paid during the first eight years.